Title Insurance

Understanding Title Insurance

The purchase of any property involves both the physical obtainment of the property and the acquisition of the legal right to the property title. Title insurance protects the lender and the owner to ensure that the sales and purchase of the property is legally valid. Through the protection of title insurance, our Charleston real estate attorneys first review all past records of the property to search for any potential legal concern that could invalidate the right to the title of the property. Title insurance also provides homeowners with legal representation if anyone challenges the validity of the title at a later date and even offers compensation in the off-chance that the homeowners loses their right to the title through real estate litigation. Some possible circumstances that could be protected against through title insurance include, but are not limited to:

Clerical errors

Undisclosed heirs

Outstanding liens on the property

Undisclosed spouses or marital status issues

Forged legal documents

Improperly recorded legal documents

Errors in tax records

Deeds and wills drafted by incapacitated persons

Issues regarding probate

Misinterpretation of a will or other legal document

Eminent domain issues

Improper alterations of any legal document

In the event that any of these possible prior property violations, it is possible that the seller never had full legal ownership which would make your purchase of this property legally invalid. There could also be seemingly inconsequential transnational errors that could produce the same effect, jeopardizing the title ownership for an individual, family or businesses. The real estate litigation required to remedy this issue, which may not even be possible in some circumstance, is often a costly, time-consuming, and stressful legal process. In short, title insurance provides owners and lenders with peace of mind through legal protection during real estate transactions and removes the possibility of a faulty transaction.

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